About hitbtc exchange
HitBTC is an exchange specifically designed for cryptocurrency traders who are interested, in trading alternative coins. This platform offers liquidity. Doesn't impose any mandatory KYC (Know Your Customer) measures on its users although it is advisable to verify your account to avoid potential complications. With its extensive range of coins available it serves as a platform for discovering promising low market cap cryptocurrencies. However the lack of regulation raises some concerns regarding its ownership and location which currently remain unclear. Additionally there have been reports on forums, about reliability issues where certain users encountered difficulties when attempting to withdraw their funds. Nevertheless based on our experience we haven't encountered any problems as the exchange operates smoothly and efficiently when all security recommendations and best practices are followed diligently. It's worth noting though that questions still linger regarding its ownership and location.
HitBTC Review: Summary
HitBTC is a established exchange that has been around since 2013. Over the years it has gained a reputation as a platform, for trading low cap altcoins. The exchange offers a selection of assets including widely known cryptocurrencies such as bitcoin (BTC) ethereum (ETH) litecoin (LTC) ripple (XRP) dogecoin (DOGE) monero (XMR) tron (TRX) dash (DASH) EOS (EOS) and tether (USDT). What sets HitBTC apart is its openness, to bots providing tech users with a range of APIs to facilitate automated trading.
Some notable aspects of the HitBTC exchange are
1. Extensive range of options; You can. Sell, over 380 cryptocurrencies through more than 800 cryptocurrency pairs on HitBTC. It stands out as one of the platforms to support emerging projects in the space.
2. Convenient crypto to crypto trading; With HitBTC you can easily trade your Bitcoin or other cryptocurrencies without the need for verification. However it's possible that you may be required to verify your identity
3. Focus on security; Unlike exchanges that have experienced hacking incidents in the past HitBTC has maintained a strong track record in terms of security.
4. Competitive trading fees; Starter and General accounts are subject to a maker fee of 0.1% and a taker fee of 0.2%. Upgraded accounts enjoy fees.
5. API compatibility for trading bots; HitBTC provides an robot friendly API allowing users to effectively utilize trading bots with its platform.
6. Demo account availability; To assist cryptocurrency traders HitBTC offers a demo account feature where users can explore and familiarize themselves with the platform without making any deposits.
Overall these features contribute to making HitBTC one of the leading exchanges for cryptocurrencies due, to its range of available markets and liquidity levels. However it's worth noting that there are also concerns surrounding this exchange that we will address in our HitBTC review.
HitBTC Location, History, and Background
HitBTC, a cryptocurrency exchange specializing in altcoin spot trading was founded in 2013. Officially launched in February 2014. The company prides itself on being established by system architects, technology engineers and finance experts. However it is worth noting that the majority of HitBTC team members choose to remain anonymous which raises concerns, for some users. It is reported that the company received a venture capital investment of USD 6 million to kickstart its operations.
Despite the anonymity of its team members HitBTC openly discloses its location as Chile. The exchange is registered under the name Hit Solution Limited. Has its mailing address at Av Vitacura 2969 Las Condes, Región Metropolitana, Chile.
Throughout its six years of operation and counting HitBTC has encountered various controversies and accusations. Many social media posts, forum discussions and reviews highlight issues related to the website. Nevertheless it is important to note that there are also users who express satisfaction, with HitBTCs services.
One noteworthy rumor surrounding the exchange involves a hack that occurred in 2015 targeting BTER and Excoin exchanges. During this time period HitBTC also experienced downtime; however no official acknowledgement of any losses or security breaches was made.
Many users have expressed their frustration, with the slow response times from HitBTCs support team in 2017 and 2018. Additionally some users encountered difficulties when trying to withdraw their funds. Adding to the uncertainty, HitBTCs parent company Hit Techs Ltd., which is based in London was dissolved in May 2017 raising questions, about the exchanges ownership status.
HitBTC Verification
HitBTC offers levels of verification, for its users. If you have an account it starts as a Starter account. Once you verify your account it gets upgraded to a higher status. To complete the verification process you will need to provide the following documents;
1. Personal information; Your name, date of birth and nationality.
2. Residential address; Your address including city, zip code and country.
3. Proof of identity; A copy of your ID card, passport or drivers license.
4. Selfie; You will need to take a picture holding your identification document along with a note that includes the date and the text "For HitBTC KYC."
5. Phone number.
While verification on HitBTC is not mandatory there are benefits for users with upgraded accounts. These include the ability to regain access to your account in case you forget your password or lose your two factor authenticator device and lower trading fees.
Additionally professional traders have the option to further upgrade their accounts to PRO status through HitBTCs partner Bequant Technologies based in the UK. However this service is exclusively available, for professional traders.
As a PRO account holder, on HitBTC you'll be able to enjoy the following advantages;
Access to the level of liquidity as HitBTC users.
Experience a smooth and hassle free verification process.
Benefit from a dedicated account manager who will provide personalized assistance.
No restrictions on the amount you can deposit or withdraw.
To qualify for PRO status you must. Maintain a balance of 100 BTC or achieve a monthly turnover of, over 1000 BTC.
HitBTC Deposit and Withdrawal Methods
Before HitBTC used to allow users to use currencies, like US dollars (USD) pounds (GBP) or euros (EUR). However they have stopped supporting fiat currencies. It is no longer possible to connect HitBTC accounts with bank accounts.
But don't worry you can still buy cryptocurrency with fiat currency. Deposit it directly into your HitBTC wallet address using the Changelly integration. You can find this integration in the "Account" tab for deposits and withdrawals.
When it comes to depositing and withdrawing cryptocurrency on HitBTC it's a process. Simply go to the "Account" tab. Choose the cryptocurrency you want.
It's important to note that HitBTC charges withdrawal fees compared to exchanges so if you're looking to deposit small amounts of cryptocurrency it may not be the most cost effective option.
Typically withdrawals, on HitBTC take a few minutes. The speed largely depends on the network of the cryptocurrency being withdrawn.
Conclusion
HitBTC is an thrilling platform, for cryptocurrency trading. It stands out in the industry by offering one of the ranges of cryptocurrencies to choose from. It also boasts the lowest trading fees. While it provides a user friendly experience it is more suited for traders with some experience.
However it's worth noting that unregulated anonymous exchanges located in places tend to attract criticism. Consequently an enigmatic platform like HitBTC naturally has both supporters who're satisfied with its services and numerous critics who express concerns, about its transparency.
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